Benefits of Standards

Standards are strategic tools and guidelines to help companies tackle some of the most demanding challenges of modern business. It can provide cost savings, new customers, market differentiation, lower risks and support product innovation, all of which can make the difference to your organisation’s growth and survival.

Benefits include:

 

Increase Your Sales & Market Shares

Standards are important for both development and expansion of your business. Market entry may not be even possible for local markets without standards as you may face regulatory barriers or a mismatch of your product with current market standards. Implementing standards can give you a competitive advantage and increase your business footprint in new markets. 

For example, a local company, Digital Applied Research and Technology Pte Ltd (DART), has developed software based on several ISO/IEC JTC 1 Standards on Smart Cards and Personal Identification being used to test e-passport readers. The software that complies with the international standards has created new businesses and generated greater revenue for DART.
Read more at pg 36 of Make Standards Work For You Guidebook >>

 

Reduce Your Business Cost

Standards can enhance your company’s productivity and efficiency and make your business more profitable. By following standards, your business will be able to minimise wastage of resources and reduce costs. For example, the Singapore Standard SS564:2010 Green Data Centres – Energy and environment management helps organisation to establish systems and processes necessary to improve the energy efficiency of their data centres.
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Improving The Quality of Service and Enhancing Customer Satisfaction 

The quality of your company’s services can be greatly enhanced by the use of standards. Information security incidents are on the rise as cyber criminals increase their focus on both large and small businesses. Cyber security is not just an IT challenge, it is critical to the running of any business. Today’s companies protect themselves by implementing the ISO/IEC 27001 standard.  ISO/IEC 27001:2013 takes into account of past user experiences, improvements in security controls apt for today’s IT environment, namely identity theft, risks related to mobile devices and other online vulnerabilities, and aligns with other management systems.
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Improve Business Efficiency Through Better Supply Chain

Companies are striving to reduce costs, improve service, and increase return on investment throughout the supply chain. Automation-based solutions can play a crucial role in meeting those goals, and many organizations consider barcode and radio-frequency identification (RFID) technology as the major forces in transforming global supply chain automation and visibility. 

First created as a grocery store retail solution, the use of barcodes soon spread into other areas like warehouse management. Corporations adopted barcodes as a way to track their fixed assets. Barcode soon became a necessity in most business environment. The NTUC FairPrice Co-operative Ltd, one of the largest home grown retail chains in Singapore has implemented the Singapore Standards SS 362 Part 1:2004 in their barcoding. The implementation of standards has helped to eliminate errors associated with identification and/or data collection and accelerated the throughput process.
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